FXCM fined $14.2 million by CFTC | Forex Factory

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FXCM fined $14.2 million by CFTC

  • #1
  • First Post: Oct 5, 2011 10:36am Oct 5, 2011 10:36am
CFTC have announced that they are fining FXCM $14.2 million

http://online.wsj.com/article/BT-CO-...03-712195.html
  • #2
  • Oct 5, 2011 11:02am Oct 5, 2011 11:02am
Quoting 89tick
CFTC have announced that they are fining FXCM $14.2 million

http://online.wsj.com/article/BT-CO-...03-712195.html
The settlement between FXCM and the CFTC was anticipated and previously disclosed on August 11, 2011, during FXCM’s Second Quarter Earnings Conference Call. At that time, the company established a reserve of $16 million in anticipation of the fines associated with the CFTC ($6 million) and the NFA ($2 million) settlements as well as restitution ($8,261,937) credited to affected clients. To date, the NFA fine has been paid and restitution to affected clients has been credited. The NFA and CFTC fines as well as restitution are all covered under that reserve, resulting in no negative impact to the net income of FXCM Inc.

Our full statement can be found here FXCM US Reaches Settlement with the CFTC for $6 Million

-Jason
  • #3
  • Oct 5, 2011 9:31pm Oct 5, 2011 9:31pm
Dishonest broker,I'm lucky I didn't chose them.
  • #4
  • Oct 6, 2011 3:14am Oct 6, 2011 3:14am
Quoting TheBanker
Dishonest broker,I'm lucky I didn't chose them.
Honesty is incompatible with the retail forex business concepts. Of course there are always exceptions.
Mind the gap
  • #5
  • Oct 6, 2011 5:54am Oct 6, 2011 5:54am
Quoting Jason Rogers
The settlement between FXCM and the CFTC was anticipated
-Jason
Yes, you knew all along you were ripping people off... thanks for clarifying that.
  • #6
  • Feb 11, 2017 3:30pm Feb 11, 2017 3:30pm
Can somebody please tell me if FXCM have been barred from operating in the US as of a few days ago,
why am I still able to trade on their platform and how long will this last??

Also, I understand Gain Cap have taken over their US Accounts. Does this mean that all accounts and
balances will migrate to Forex.com accounts and trading will have to be undertaken on their platform
as of some date in the future?

I personally have had great experiences with FXCM, put 100's of trades thru their platform and via Ninjatrader and have
only ever had one issue. Execution and customer service has been top notch. Don't personally know about any illegal
practices but I understand this relates to pre 2014. Will be sorry to see them go from the US.
  • #7
  • Feb 11, 2017 5:27pm Feb 11, 2017 5:27pm
Quoting toptrader8
Can somebody please tell me if FXCM have been barred from operating in the US as of a few days ago, why am I still able to trade on their platform and how long will this last?? Also, I understand Gain Cap have taken over their US Accounts. Does this mean that all accounts and balances will migrate to Forex.com accounts and trading will have to be undertaken on their platform as of some date in the future? I personally have...
Yes they will be pulling out of the Us retail space but no definitive date has been given so that is why you have been able to continue to trade. Yes they signed an agreement with GAIN and if you do nothing your account will be converted over to Forex.com I have traded a corporate account with them since 2013 and have had no issue with them in terms of execution or quick withdrawls via bank wire. Sad to see them go as well. In the US we are left with GAIN/Forex.com or Oanda. I closed my account yesterday. I have been demoing Oanda's FX Trade platform the past few days and think I'm going to go with them. I also have an offshore account with FX Choice I opened a few years ago but never felt comfortable funding. The choices are few for us in the US
  • #8
  • Feb 14, 2017 1:23pm Feb 14, 2017 1:23pm
Quoting yazzie
{quote} Yes they will be pulling out of the Us retail space but no definitive date has been given so that is why you have been able to continue to trade. Yes they signed an agreement with GAIN and if you do nothing your account will be converted over to Forex.com I have traded a corporate account with them since 2013 and have had no issue with them in terms of execution or quick withdrawls via bank wire. Sad to see them go as well. In the US we are left with GAIN/Forex.com or Oanda. I closed my account yesterday. I have been demoing Oanda's FX Trade...

All we have is trash MMs now. Fk the CFTC/NFA, they have run all the ECNs out of this country to "protect the little guy".
  • #9
  • Feb 19, 2017 6:34am Feb 19, 2017 6:34am
Quoting 89tick
CFTC have announced that they are fining FXCM $14.2 million http://online.wsj.com/article/BT-CO-...03-712195.html
CFTC at work.
  • #10
  • Last Post: Feb 20, 2017 11:08am Feb 20, 2017 11:08am
The amount of money they scammed, I feel the fine is little too low. It is hardly affecting them and they are still continuing their scamming work and with much sharper way. It is sad that we are stuck with such cheaters! I hope they get bigger punishments!
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